Snapchat has raised $50 million in Series C from Coatue Management

Snapchat has raised $50 million in a Series C round of funding. Snapchat was rumored to be raising $200 million and supposedly turned down $3 billion from Facebook. The $50 million is far less than expected. However, the $50 million was from a single investor and there was no secondary offering. According to Forbes, the investor was private equity firm Coatue Management. The funding will go towards growing the business.
[Source: TechCrunch]